CMC Markets Plc (LON:CMCX) saw its shares jump 5% higher this morning after the online financial trading firm announced a "major stockbroking partnership" in Australia.
The FTSE 250-listed firm said the tie-up with Australia & New Zealand Banking Group Ltd will see it become the second-largest stockbroker in Australia by both number of clients and trades executed.
CMC will provide the technology and customer service under ANZ's Share Investing brand and through the banking group-branded stockbroking platform, servicing 500,000 of the banking group's stockbroking clients.
The UK firm said the partnership is forecast to increase gross revenues for CMC's stockbroking business by around A$40mln.
CMC’s chief executive, Peter Cruddas, said: “ANZ is a high-quality partner with whom we have an excellent relationship and this transaction demonstrates their confidence in CMC's technology capability, the quality of our people and our commitment to Australia.”
In early morning trading, CMC shares were up 6p to 127p.